Maryland Real Estate Inventory Drops Again

By
Real Estate Agent with Century 21, The Real Estate Centre, 410-665-0200 Office 634480

Maryland Real Estate Inventory Drops Again

 

For nearly two years, the number of homes actively on the market has decreased in year to year same month comparisons.

 

Based on supply and demand, fewer available homes has led to an increase in prices.

 

The price increase has been exacerbated by more buyers entering the market.

 

Fewer available homes and more buyers tends to push prices higher.

 

This upward push on prices has been happening, in spite of a downward pressure created by higher interest rates and relatively stagnant wages.

 

Mortgage interest rates were at about 3.5% in mid, 2016, whereas they are at about 4.75% as mid, 2018 approaches.

 

This increase in mortgage interest rates has led to the principal and interest portion of monthly mortgage payments increasing by about 16%.

 

Here are the numbers for April 2017 versus April 2018 for Maryland, Baltimore County, Baltimore City, and Harford County:

 

Maryland:

Inventory:

2017: 22,672

2018: 20,298 (-10.5%)

 

Average Price:

2017: $328,242

2018: $338,487 (3.1%)

 

Median Price:

2017: $284,715

2018: $295,752 (3.9%)

 

 

Baltimore County:

 

Inventory:

2017: 2,499

2018: 2,079 (-16.8%)

 

Average Price:

2017: $272,227

2018: $275,317 (1.1%)

 

Median Price:

2017: $234,000

2018: $235,000 (0.4%)

 

 

Baltimore City

 

Inventory:

2017: 2,789

2018: 2,832 (1.5%)

 

Average Price:

2017: $171,215

2018: $180,622 (5.5%)

 

Median Price:

2017: $140,000

2018: $139,900 (-0.1%)

 

Harford County

 

Inventory:

2017: 971

2018: 703 (-27.6)

 

Average Price:

2017: $278,009

2018: $267,414 (-3.8)

 

Median Price:

2017: $250,000

2018: $245,500 (-1.8)

 

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Topic:
Real Estate Market Trends
Location:
Maryland Baltimore County Nottingham Perry Hall
Groups:
Zenith Realty
Tags:
real estate inventory

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Late winter and early spring inventory was up a little but it is back down again!

May 14, 2018 04:20 PM #1
Rainer
366,996
Kathryn Sparks
Zenith Realty - Baltimore, MD

Ron,

It is incredible that this decline in inventory has been happening for so long.

May 15, 2018 10:52 AM #2
Rainer
348,426
Karen Krzniak
Zenith Realty - Towson, MD

Ron,

I hope that these increasing prices do not lead to a crash like we had ten years ago.

May 15, 2018 10:56 AM #3
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Rainmaker
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Ron Trzcinski, 410-935-5844

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